If you want to build one million homes over the next decade, where do you start? One choice might be Neinor, not only the leading house builder in Spain but also an entrant to the high-end build-to-rent segment. Neinor is aiming to tap into reigniting demand, market consolidation and a newly flourishing private rental market. We initiate with a valuation range of EUR11.4-14.9 per share. Rent or buy, Spain needs more homes The excess stock from the GFC has finally been absorbed and a new wave ....